Goldman Sachs buys LCN in deal worth up to $410M

Goldman Sachs has agreed to buy LCN Capital Partners for up to $410 million, adding about $3 billion in commercial real estate assets to its investment management business. Summary Goldman will pay $260 million upfront, with up to $150 million tied to future targets. About 80% of the acquisition price will be paid in Goldman Sachs stock. LCN manages sale-leaseback, build-to-suit, and triple-net lease investments across North America and Europe. The transaction is expected to close by the end of 2026, subject to regulatory approval. Goldman Sachs said in an Aug. 18 announcement that the transaction will bring LCN’s investment funds, corporate relationships, and real estate team into Goldman Sachs Asset Management. Goldman Sachs will pay most of the LCN price in stock Under the agreement, Goldman will provide about $260 million when the acquisition closes. LCN’s owners could receive another $150 million through deferred and conditional payments if the business meets long-dated performance targets and service commitments. Approximately 80% of the full consideration will consist of Goldman stock, according to the bank. The final amount could therefore remain below $410 million if the c...